Retail woes drive downgrades of 2014 CMBS

Fitch Ratings announced on Thursday that it has downgraded four classes of a conduit CMBS deal issued in 2014, with the move driven primarily by troubles at a mall in Pennsylvania that backs one of the loans in the deal.

  • By Max Adams
  • 06 Dec 2018
Goldman Sachs sold the $1.1bn GSMS 2014-GC18 in January 2014. Fitch affirmed almost all of the investment grade classes, but downgraded the triple-B minus class and all of the below investment grade bonds that make up the B-piece. It also downgraded the interest only X-C class from 'stable' ...

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2 Morgan Stanley 2,420 6 13.57
3 Goldman Sachs 2,096 5 11.75
4 BNP Paribas 1,686 6 9.45
5 Barclays 1,565 4 8.78

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5 Credit Suisse 22,890.32 71 6.38%